1. Field of the Invention
The present invention relates to automated credit approval systems and methods. More specifically, the present invention relates to automated credit approval systems and methods used when conducting a financial transaction for a vehicle.
2. Discussion of the Related Art
In the used car industry, there are many people with sub-prime credit who are looking to purchase a vehicle. In general, people with bad credit are simply looking to buy any reasonably drive-worthy vehicle that the dealer is willing to sell to them and for which they are able to obtain financing provided the financing company agrees to the down payment amount and the monthly payment amount they can afford. Historically, in order for a person with bad credit to receive approval on financing, a lender would need to review the person's loan application and make a determination as to whether financing would be approved or rejected. In many instances, this process could three or four days, thus preventing a deal from being made on the spot. Anytime, the person leaves the car lot without the deal being completed there is a greater chance that the person will walk away without purchasing the vehicle.
Thus, more recently, automated loan approval systems have become available. For example, one such system in described in U.S. patent application Ser. No. 10/043,676, filed Jan. 9, 2002, entitled METHODS AND SYSTEMS FOR DEAL STRUCTURING FOR AUTOMOBILE DEALERS, which application is incorporated herein by reference in its entirety. Another such automated approval system is described in U.S. Pat. No. 6,950,807, issued Sep. 27, 2005, entitled SYSTEM AND METHOD FOR PROVIDING FINANCING, which patent is incorporated herein by reference in its entirety.
While these automated approval systems have greatly enhanced the ability of a dealer to close a deal the same day that the person walk onto the lot, there are improvements upon these systems that can be made to aid a dealer in putting together the best deal possible.